Saturday, January 16, 2010

RIYADH (Bloomberg): Saudi Arabia, the biggest oil supplier in the world, will continue to invest in oil industry to help efforts to maintain price stability at acceptable levels of producers and consumers.

"Saudi Arabia to continue efforts to achieve stability in the international oil market. Increased investment to boost production and refining capacity," said Finance Minister Ibrahim Al-Assaf in a speech today in front of a business delegation that includes Minister of China.

Saudis began to increase oil production and refining business which cost U.S. $ 100 billion to meet rising demand in Asia. The kingdom is pushing crude oil production capacity to 12.5 million barrels per day in June last year.

China Minister Chen Deming and Al-Assaf said in a news conference in Riyadh yesterday that the two countries plan to increase trade and investment.

Saudi Basic Industries Corp., the largest chemical producers in the world, and China Petroleum & Chemical Corp. will start production at a chemical plant in Tianjin in the first quarter I to meet demand in China.

Saudi Aramco, the state-owned oil company, also held talks with China Petroleum for a stake in the company's Qingdao refinery with a capacity of 200,000 barrels per day in Shandong Province.

RIYADH (Bloomberg): Saudi Arabia, the biggest oil supplier in the world, will continue to invest in oil industry to help efforts to maintain price stability at acceptable levels of producers and consumers.

"Saudi Arabia to continue efforts to achieve stability in the international oil market. Increased investment to boost production and refining capacity," said Finance Minister Ibrahim Al-Assaf in a speech today in front of a business delegation that includes Minister of China.

Saudis began to increase oil production and refining business which cost U.S. $ 100 billion to meet rising demand in Asia. The kingdom is pushing crude oil production capacity to 12.5 million barrels per day in June last year.

China Minister Chen Deming and Al-Assaf said in a news conference in Riyadh yesterday that the two countries plan to increase trade and investment.

Saudi Basic Industries Corp., the largest chemical producers in the world, and China Petroleum & Chemical Corp. will start production at a chemical plant in Tianjin in the first quarter I to meet demand in China.

Saudi Aramco, the state-owned oil company, also held talks with China Petroleum for a stake in the company's Qingdao refinery with a capacity of 200,000 barrels per day in Shandong Province.